US-based private education provider Minerva Project received a $57m series C round yesterday led by internet technology producer Bytedance, with participation from tutoring service Tal Education Group.
Kakao Ventures, the corporate venturing subsidiary of internet group Kakao, also took part in the round, as did Yongjin Group, Pinpoint Ventures, Tan Tan Ventures and Lighthouse Combined Investment as well as undisclosed new and existing backers.
Founded in 2012, Minerva Project operates a for-profit higher education program that offers a four-year undergraduate degree through a partnership with private graduate school Keck Graduate Institute.
The cash injection will enable Minerva to partner additional universities and corporations to deliver its program. Zhang Yiming, founder and CEO of Bytedance, will join the board of directors together with Wendy Kopp, founder and CEO of education provider Teach for All.
Minerva Project has now raised more than $128m in funding altogether, it said in a statement.
Tal Education Group took part in the first close of series B round in 2014 that was reported as $50m at the time, though a regulatory filing put the sum at $45m and a press release noted the figure was 70% of the targeted $70m, which would come to $49m.
The company seemingly never raised the remaining series B capital. Benchmark Capital supplied $25m in 2012 in what was then billed a seed round, though this would mean Minerva never raised a series A round.
